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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My firm (20-30 range) has a global town hall today. Partners didn't get a draw this quarter and I'm thinking this will be layoffs, but I'm stupidly optimistic they'll start with paycuts. [/quote] Update: partner comp reduced by 20% for first half of year, hiring freeze, summer program will get dialed back (but not canceled), no salary reductions for associates or staff. Caveat re: layoffs/pay reductions - this is the absolute last resort; don't want to get there, but we really don't know how long this will last or how bad it will get so no blanket promise to never do so. [/quote] At the very least, reviews are going to get a lot tougher and there will be more “performance” terminations. No one wants to be the one to admit to Latham-ing associates, although Latham sure seems to have survived just fine.[/quote] What is "Latham-ing" an associate?[/quote]
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